C Citigroup

Elizabeth Lynn Interim Head, IR
Jane Fraser CEO & Director
Mark Mason CFO
Glenn Schorr Evercore ISI
John McDonald Autonomous Research
Erika Najarian Bank of America Merrill Lynch
Michael Mayo Wells Fargo Securities
Saul Martinez UBS
Steven Chubak Wolfe Research
Brian Kleinhanzl KBW
Chris Kotowski Oppenheimer
Ken Usdin Jefferies
Gerard Cassidy RBC Capital Markets
Matthew O'Connor Deutsche Bank
Vivek Juneja JPMorgan Chase & Co.
Call transcript
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Hello, and welcome to Citi's First Quarter 2021 Earnings Review with the Chief Executive Officer, Jane Fraser; and Chief Financial Officer, Mark Mason. Today's call will be hosted by Elizabeth Lynn, Head of Citi Investor Relations. [Operator Instructions]. Ms. Lynn, you may begin.

Elizabeth Lynn

Operator. you, Thank thank and for us. joining Good you morning, all

which a like you for may today expectations variety that Before forward-looking referenced differ on we in presentation, and conditions remind Actual those I'd of started, statements XX-K. including our me due materially over contain Jane. let uncertainty may from SEC statements available get discussion are these XXXX turn today's subject said, the management's limitation, Factors to and financial our in in to which to results, website, our without the and capital statements, included based cautionary other Form including, to are on section our changes current that it factors, download circumstances. filings, is With Risk of and

Jane Fraser

work a period you, quarter of on am and the and earnings as returns I start the about us, our our as earnings first the Thank better-than-expected Citi's Consumer my observations, ongoing bank we I'll therefore, first we you taking strategy. ahead advantages quarter for update so much to in It's announced and Earlier Global delighted positioning a growth. the sustained of our and to competitive on today, and for focus well to have improve the start are and to the Bank morning everyone. recovery a our on the in Mark first shareholders. good been actions our you for with some year, of then let's we're we're get optimistic strategic call lot I'll our the Liz, to CEO. initial cracking. as cover today, to join I

a income, net our billion a Institutional For credit billion. benefited in Institutional very of outlook. allowance improving of performance performance by a losses environment. In $X.X was Markets our last strong businesses we of again quarter Equities. result earnings on a share yet an income $X.X income from solid quarter the quarter first reported active release the our business, and of This as year after the fixed and a in saw driven per record economic record good from in net Clients Group, $X.XX quarter, in for We

quarter revenues in grew We to and network, equity activity a Trade result also be were backbone high which the Global had low of pandemic. record rates. revenues though quarter-over-quarter is Banking, Investment even underwriting. down the as continued Banking interest in Treasury impacted Consumer levels our Solutions, a of reflecting global deposits by of

from U.S., recent recovery emerge in U.S. However, government I'd stimulus note, crisis we consumer as that we Asia our as have this the large healthiest by history, reflected seen well package. clearly see the ACL a in driven release. and in the root And taking is in part was a the

the to of the from the return shareholders. fourth resumed common we our at quarter, ratio and we capital stable, while we of of and our equity Now onset we did to central was levels And remained strong stock the consumer Tier the allowing are needs XX.X%, are clients down, engagement, repurchase to and us of building. our X management unchanged strong the At to which wealth paused voluntarily which digital and see our in to common growth in pandemic. loan franchise both capital demand respond was

increased X% book tangible year up a value from Our to $XX.XX, ago.

January, to in strategy. When we our pointed to our principles strategy. we're to I which X the refresh turning using guide spoke Now of

market retain positions secure assessing businesses leading which we or can we will said in First, be in. clinical we

to be focused others. businesses and high-returning to away Next, from the by we're going resources directing

they ensure last, and unlock generate our going simpler regulators our we're be we're our to to to to shareholders. better value and going we our fulfill our that so synergies. obligations serve fit And clients, together for connected Third, businesses be well

We close the also with again in share take committed to competitors. gap we as what with returns you we're and best to our to And to make to and the committed needed position win that's them, these Citi strategic decisions today. we doing decisions

Hong the the strategy wealth and our to will can franchise businesses wealth centers, us of we on Asia, announced global client continue Now spectrum commercial our banking particularly I Kong, positions London. And positioned banking assets. in represents strong the this and consumer management at believe our Kong, many wealth. and our the which well and $X.X on and Hong in plans. Yesterday, in solely capture underway important our us business are billion we in roughly BCMA very hubs for January $X U.S. opportunity to focus where allow and spoke And Singapore, Global onshore X of And our wealth very today, revenues, Wealth growth UAE about Asia in on X/X announced and trillion full of in are offshore team new operating work, and these and in well with to decision this returns high-returning. business, we're and we growth the capture Singapore We attractive This the network. markets, EMEA across clients. both focus to through namely consumer scaled and Asia Today, franchises, serve there's leading synergies Citi with investments Citi

of in XX our We will, markets remaining exits pursue in the EMEA. consumer Asia and therefore, businesses

we've to of the long term. the over best the Now scale owners these need compete, we aren't don't while them are excellent simply have and decided we franchises, we

these the better total. investment will and Mexico returning franchises with hubs capital, we U.S. scale this dollars X outlined does believe principles and XXX are other higher So What million means strategy Consumer serving consistent the our in consist elsewhere. Global resources the of opportunities our mean? against our that refresh, This Banking for we in and X redeployed customers

point. very clear important these in to very be Citi our behind clients Let invest will continue one on serve markets. and institutional XX me

be refresh institutional of fully comprehensive businesses it an And to experience and I we And each model from our absolutely in the increased with own share franchise and is in central a America clients the in consumer exited the subscale important from and going the the invest same in had market meantime, gain franchises really operating opportunities continues. Asia, work our strategy see Asia. focus have in benefited our region. once region-wide. on will the We true expect part simplify how our we institutional Latin in high-returning saw Indeed, my leading success and forward. I institutional the

of work. the quarter. will we hard you massive on of gap with to we the with It's share parallel, We're decisions We in In returns make transformation. our as making work we OCC body close next a are, continue work peers. this submission our the at course, our to to

We begun continue several regulators we with investments performed working interdependencies the currently and work our the to gap later state, third to we've our quarter. We've The meet go than and end our on and plans plan analysis the strategy resourcing regulators and hand-in-hand through fronts. program detailed closely work. to identified are and execution required their with the both expectations, submit no expect complete to

clients. We we're risk achieve also make and by no excellence less we to it. controls and transformation when our changes service environment, control in to removing example, fundamental but than our through simplification, and it model, talk in in for manual about mistake want to a by about operating our processes So delivering nothing pursuing operations our and

we're excited about am some win. modernize the the finally, others talent I ESG. that So to I And you and these road the that have in Citi I And want no to bank update position going technology help are going of terms doubt make making investments commitments and in to we're on of and ahead. to us

in leader ourselves you of around as as see years. we've first offer in over know, in to serve as and CEO of we clients my ESG in the March, Now world. the it I prided communities day may we beginning the the many dimensions And being on what embedded X our XX reach a Critical and helping we support finance our will provide do a our emissions through would economy them will low-carbon Citi to by transition gas clients that committed our deliver greenhouse environmental months. how I we is to so next net the plan on activities. we XXXX, a within

extend support And outside housing, of health environmental target So current investments XXXX we're finance XXXX. to going by development. UN's our our important care development these other in in $XXX affordable billion activities and sustainable by to to workforce addition, we finance. And that goals of the environmental end, in from $XXX billion include finance in

am be goal our going commitment $XXX and questions. are to billion We then take XXXX, delighted sustainable with that, turn your And will an I by these both to additional total over trillion to XXXX. we $X development Mark, making activities to committing Mark? by

Mark Mason

everyone. Thank you, Jane, and good morning,

quarter. the and benefit year, the briefly of for on as start driven backdrop the well a me results stronger-than-expected had review detail quarter, announced into credit Overall, a go refresh by earlier capital a we specific the cost to and Let today. actions for constructive strategic more markets as then from the we I'll the

the ACL investments, of year billion. mark-to-market performance, the along other our of as up strategic card impact on including continued than Investment loans by saw we lower rates, our by Banking X% supporting the the income it net while well infrastructure consumer from and a more absence hedges. interest solid declined transformation, strength consistent dollars, gains were lower prior was quarter, in year-over-year, performance efficiency was reflecting repayments lower $X.X Expenses consumer prior in billion, investments reported control higher clients in continued environment Deposits and constant offset offset remained loan In markets Revenues year, Citigroup as and and outlook over partially grew X% year-over-year, with risk in with by corporate billion levels For offset activity as well the both an more of spending institutional end-of-period liquidity. in as continuing Credit our and engagement macroeconomic $X.XX consumer losses consumer. RoTCE credit $X.X reflecting XX% release was lower than well loan $X.X across and balances. to strong, of improvement just loans reflecting X%, of as net higher by declined with client hold XX%. EPS as primarily of driven an savings.

consumer key Wealth refresh order we to into forward connect that to and appendix. We've drivers cover and Global Last revenues the Citi Before discussed delivered strategic on provided to the the X, some And I the the about $X.X have Jane announced of spectrum. across the annual in it for in we going client and quarter higher by the earlier. on in more revenues. on this Global wealth activity the opportunity and on the quarter, represents clients business Citi assets like in each way build-out growth capabilities represented additional details Slide slide, the assets. spoke with formation Global the go Wealth of continued XX% serve wealth roughly franchises across and Citi institutional of information allocated significant Citi driven in on Wealth growth billion investment better and business, I'd transform detail client year, investment last scope

As implement we to best to from a continue we standpoint component how organizational single into businesses wealth accordingly. the the and update an integrate this coming platform, you quarters strategy over will finalize

to next today. announced the Turning actions we

on Consumer in EMEA centers. we announced our focus wealth and the Given our management, Global wealth strategic Asia to decision X focus on presence Banking global

resources model, necessary strategic while higher the long will to our have to operating the over As businesses and drive to Jane this where the advantages mentioned, and scale allow shift directing we returns investments us competitive run. simplify

XX these Let year, appendix. of the will roughly me TCE. the describe cost on end of allocated where billion exit, profitable, given are the XXXX, shown were in $X CECL markets of an in businesses these And the markets consumer with we nearly slide, of supported doubling $XX credit on Total results year billion businesses, and by while billion impact as details of of contributed historically year-over-year. weighed full assets pandemic, like businesses with $X other the roughly Last the added pursue the revenues.

similar We reducing have record a expenses good situations. in track of

the on fully including noted reductions. we slide, as from markets, ultimate which could However, differ allocated expenses to are somewhat these the expense

these refresh. more against with progress to We manage the of our to make but franchise we already share as underway. as continue part have other actions relevant part and well will GCB as strategy we actions of ongoing information these plan We you markets

Finally, I that Jane want earlier. to emphasize a made point

ICG We including more clients, ICG in will focus commercial banking strategic our continue will Asia. markets. allow investments clients, on to all broadly, in more serve And us this to shift these

results the execution performance business. by operating now strong quarter, in the each delivered Slide the constructive shows the Turning We solid to for a Institutional environment. X driven Clients group. in

from Revenues $X.X loan decreased EBIT last absence up hedges For the the X%, last XX% quarter, seen delivered on reflecting mark-to-market billion, of ICG gains of year. year.

and were Excluding security X%, strategic and volume-driven improvements the in release. in Credit and infrastructure global growth services. well investments, in release costs up a X%, reflected credit along increased portfolio this, X% in Expenses compensation X% banking controls, in were growth given improvements The as higher growth. $X.X considerably, primarily markets revenues modest cost investments other outlook with as quarter ACL billion GDP with reflecting down this and for quality.

Institutional capital. non-investment-grade $XXX revenues equity the X.X% X%, X end, revenues were As X.X%, million, overall both Group was equity of credit ICG more XX.X% record on Product revenues our a allocated on shows Total including the and funded Clients for delivered in detail. quarter ratio were losses by up and in driven reserve underwriting Slide portion. trading. net return

strong at our current strategic market. about franchise, feel Looking service investments monetize to model overarching the better full results us our to these we equities been leverage enabled across which the good making we've

in side, also Investment grew by quarter market. best investments best were revenues X% Securities quarter by experienced SPAC from increased the rates digital up offset absence its revenues ever, of Lending increased year. dollars, revenues. lower of & constant offset position equity by Trade growth strength And penetration in and were Solutions significant including and interest revenues deposits than the and banking rates in impact adoption in X% in deposits the past business see Income X%, year. lending decreased Markets ever lower partially in growth as engagement revenues and good growth X% as Bank driven volumes. our XX%, leading Treasury cards XX% flows X%, revenues. performance we've in strong to revenues XX% the headwinds, and X%, a year down and more client underlying continue we clearing revenues underwriting in well marks, growth currencies seen reflecting our were Banking On by commercial Despite dollars these drivers, lower X%. the in volumes Corporate solid this increases revenues year, with last given its up volumes. Total prior as in constant Private managed last quarter. cross-border over higher average reflecting Services also and Fixed driven

were demand from this XX% clients cash prime conditions. activity market flow rate However, finally, prior the as X% on up and spread roughly up reflecting in and were for year, in revenues search Equities versus revenues by dollars. products finance, driven across structured year yield favorable low in solid environment, up last steady revenues products. equities, basis Securities flat reported with were client constant derivatives and Services, And a and

lower existing and offset clients by spreads. Here, we under saw volumes, both revenues assets growth in deposits, good custody new growth and with driven settlement in fee by

Consumer to dollars in Slide the on Banking now Turning constant results X. for Global

revenues, we the of remains the to payment spending healthy, high While the rates and year. pointing and through we on improve pandemic move to continues credit consumer impact still recovery a are as seeing

management. continued For of strong were offset lower across year, the declined credit macro And Slide results in Consumer card regions GCB significantly and as on as partially from The and return improvements up an lower all and losses. partially quarter, balances volume-related detail. wealth primarily billion, driven driven lower this ACL by by outlook. $X.X offset Expenses net more a rates costs efficiency and in in delivered by were X% costs. primarily delivered lower the growth the all last reflected X Revenues momentum EBIT as lower interest reserve savings XX% Credit improved costs deposit shows regions quarter in XX% GCB well release allocated investments. X X as America volumes capital. by release decreased for significantly credit North decreased

driven XX% using average interest payments by rates. by to payments declined drove Net XX% lower last loans pay programs as revenues average down well income reflecting from as XX% were other of Higher remainder losses are loans year, last a and stimulus decline higher Services down cards therefore, from XX% cards were the average partner XX%, Branded revenues as reflecting reflecting higher versus partner and, liquidity as decline payment revenues XX%, in debt. revenues. relief down on down year, lower down were loans. the quarter primarily higher were First the the revenues of impact revenue forecasted lower Retail clients sharing.

purchase was recovery total dining. year-over-year, and we Looking like cards to travel X%. unchanged spend we're starting recovery but on the purchase were sales Cards, our Branded XX%, Services, are grew in continuing more sales broadly sales in Retail see and In see activity. to a businesses, And up in areas essential

faster revenue And rollout, support sales a the on bigger it's trends. The than our vaccine purchase are pressure, loans rates. but So creating is impact our further improving payment high discretionary This loss expectations. prior is from benefiting also slightly with the and recovery this spend. in delinquency should

So in quite should seeing portfolio we're spend, the be and which the our resilient. that is news recovery is proving to good continue, credit

the loan We propositions. are on revenue account capabilities in value activity, lending driving new through now spend acquisitions, and focused market new reentering investing and for recovery and

lending. XX% XX%. capabilities AUMs from to lower We're from as were retail good deepen improve grow to digital Average see deposits Retail were extend continuing up relationships. of to deposit management momentum to said, And growth stickiness well we including broaden wealth X% also quality mortgage and to our continuing up XX%, reflecting down the deposits Turning relationships were and these in checking. Revenues we Banking. as spreads. year-over-year, bank pressure are to as That

Consumer confidence in our the we're all by light a us to mentioned, revenues in scale this In U.S. quarter. digitally bank led, markets XX% retail ability of physical Slide supported committed expansion to Asia, the our X, results and client-centric approach show constant franchise, we in with gives new the International declined in Jane On As for dollars. first time. over Banking year-over-year

wealth with global are investment the We continue if pressure significant albeit specifically revenues in as money. wealth higher the management purchase and Citigold with XX% to at X% in X XX%, and in XX%, net revenues given remained a growth at you the clients down see momentum look numbers good continued in And hubs. new down lower XX% XX% growth travel increase on meaningfully remained a deposit strong year-over-year, sales spreads. impact Average region. Card deposit at average loans grew under

we the However, in acquisitions of signs some purchase a are seeing pickup card month with and recovery, in of March. the year-over-year sales new

Turning good quarter, regions, deposits up declined average under growth saw year-over-year. management X% assets other Total with America. Latin to XX% consumer and we Mexico revenues to in and balances Similar this AUMs up XX%. in

lending macro other on driven of volumes due remained given the by detail amount deposit liquidity delinquency stimulus However, rates environment. and U.S., credit additional programs. decline NCL to to global significant remained spreads both relief favorable, continue Slide the and provides and pressure consumer customer XX under In the trends.

Given deterioration the XXXX. delinquency we trends the portfolio credit we're seeing in not expect U.S. do today, in

of By programs. Asia, losses NCL peak customer expected in not customers in accounts of relief last peak we peak year. of off as a whether both end late at impact was the was XXXX, credit we first so the in quarter rate the And of of off a XX%, a contrast, impact programs in XXXX. third Mexico the over occur the saw Mexico, stimulus by most may depending and on with permanent rolling The roll the relief driven in quarter This losses results until saw benefit. not or pronounced

episodic as both and quarter was Slide you a roughly Excluding were no our Revenues the impact as in of those the businesses. Mexico were Expenses of shows programs, was that And stable. risk as were This the reflected the quarter Citi year-over-year by this roughly XX offset the not level. well compared quarter. some rates controls had release absence for costs relief to the as this terms in improvement given participated year. at a by credit infrastructure, in Asia the to gains can rates. it in delinquency dollar results Corporate/Other. costs trends the flat down remain marks we prior see this accounts of declined impact And lower change to retrospectively. in build versus year by and offset allocation X% investments certain EBIT immaterial, have in prior driven change Credit the

quarter. this Finally, the pretax loss was $XXX million

Looking net shows $XX.X the as and interest days interest X quarter. partially reflecting ahead, the rates with by remainder the by dollars, pretax optimization. quarterly million $X.X offset the versus Slide loss fewer variation flat of trading-related quarter net although higher slightly impact declined range our year-over-year, points, last revenue excluding X year, was billion reflecting declined and impact we net fourth to continued in And constant expect X basis revenues, margin day to the lower net some the balance of partially $XXX of revenue sheet actions interest Sequentially, quarter, interest impact offset interest quarter-to-quarter. of the trends. margin of and treasury for NIR. balances stabilize lower fewer and, net roughly a revenue of this as well XX loan lower XXXX, in would billion total In

which, revenues. by Jane mark-to-market remained predominantly to to loan on over and revenues. just noninterest allowing as hedges strong support this the driven show XX, mentioned, first declined our shareholders. to quarter, key clients Turning Investment In slightly to strong capital $X stable non-NIR offsetting Slide again return and metrics, On quarter, Banking we the capital billion, us

increase an net Our XX.X% risk-weighted ratio the remained by as with of CETX along dividends, OCI was impact income roughly assets. in buybacks capital offset and and

a and of share common dividends of to billion form billion $X.X During billion. shareholders $X.X returned the in $X.X Citi repurchases of the quarter, total in

X% ratio book per share grew was our to tangible X%, and by $XX.XX, net driven supplementary income. leverage Our value by

XXXX. let Q&A, me Before few we on a outlook spend our for to minutes move

last quarter. off XXXX had coming At year the we return improved wallets industry closer performance since to full of our the that levels outlook has year. top expected to this First, XXXX, time, line

and believe strong as revenues recovery will increasingly the positive Given ahead, Meanwhile, we the to signs year the with now into outlook a to $X expect for wallets higher second billion somewhat net XXXX. continuing and continue billion, somewhere well improvement as unchanged, in stabilization relative in to we to the interest is half. the start net be revenues of $X interest quarter a our decline of an between back

together, guidance range Taken this down single-digit than range, a prior decline. better for mid the our revenues suggests in mid- single-digit to high

side, on to by increase the mostly to Second, expect our full X% expense in we expenses range continue the investments year of transformation driven to X%, to related agenda.

could are impact about episodic impacts And the we market these on this mentioned I will financials. earlier, addition, very to of year related In transparent also we exits as the actions we be see pursuing. our some

reserve credit, we releases, questions. outlook this magnitude given release of see not credit ACL we and reserve macroeconomic overall although further going we to outlook, cost are would see I could the depending to performance. that, have forward. the on continue the same on Jane any Finally, favorable of an take release with to to And size of the quarter, expect regard happy With


Instructions]. [Operator

with from Your Autonomous Research. first the of line John question is McDonald

John McDonald

Jane, question. a I you bit a ask wanted to strategic of

you've Could you of across us done elaborate little and this advance examples in And Citi's that some modernizing listening controls a more the on give of you're customers. the for where Just some the making investments seen of tour technology your will idea goal help risk maybe color technology your also for company. the gaps you've as on bit? that benefit

Jane Fraser

Thank you very John. much,

of the all same who the clients world the at moment. our fascinating major a which thing, the talk transformation have banks go that's a of talk the digital transformation about to it's I industry. chance on, So around CEOs a in all are and there's to going and is us

at broader consent transformation, so And and just than going we're much through it. of transformation a orders, very the they're the critical order consent obviously the the is although component look we as

in we of as as the from strategic I the asked a and the what's that our look well at much us as at required at linked making we very ones so orders. investments as look data making, as need into infrastructure, And we're we're -- in consent the being look our

our in gave terms decisions will of of and just for this, client I properly decision-making example of that governed data data in quality as the experience an have have sure examples business earlier. improving safety do or be revenues, on faster one as make So shareholders you investment a a on making soundness risk But in would obvious is our well we big where data that of the the we perspective. driving our from making that impact

So many are coming of work at together transformation banks. the the is investments many we've and really strategy got the it moment as for

John McDonald

year embedded to you've to that think your of for X%. out over some of then given a that And sense this It get quick or project. Mark, should doesn't Obviously, this follow-up Okay. multiyear years? But spread quick how sound something does X% what's is on Mark. a transformation? investors about the for an cost like guidance get easy up to expense us multiple this of

Mark Mason

John. Thanks, Yes.

Jane has that. have and together, constructing to plans you've mentioned, we're working we're referenced I've still diligently to has And is very root very that I've working we aggressively Jane and But more come it in multiyear is. And causes. effort, comprehensive and a identifying the working referenced, been execution. towards have the as we've on gaps the move identifying And mentioned, as it the our the plans past, As been those on very What guess, I lot, prior what expect as plans best to the would as John, of that, in I openly headwinds, and are share what I investments. to develop say continue the can I'll billion we $X those expenses And we X% year. we together, continue that as evolve. are to way how this a to say, as is clear, we information in estimates these year, the X% bring this for through

that As clients with are quality data having a how to how that reconcile well. from example productivity leverage not because we them. saves to The us it, we getting we data And seek that was cetera, benefits et cost operating as our but opportunities Jane move those. cetera, undoubtedly expect rework as mentioned, the continue and to that more great in make it out will there that I on and investments, highlight we et to offset as also


question line of is Glenn Evercore from Schorr the ISI. next with Your

Glenn Schorr

a do simple if up. guess but and markets, is, I not I that's with a for meaning the consent XX capital offensively to bandwidth huge businesses you're to return you impact think what has freed to lot that a my this probably order you is is from on? not so divesting you not do revenue there's simple the been looking how that doubling putting one story, conceptual, down Just capital? answer or resources everyone But aside, -- a there earnings capital guess of augment using about the there's are. which the question huge you like do

Mark Mason

in the objective dollars ensuring can that kind investments, after doing. are more capture with the opportunities want franchise of those a capital And to narrowing client gap to on significant capturing Look, reasons as franchise to Sure. of but Jane of and with the why to, very returns, there. parts are competitive us we be capital it's going after we is see think And allocate we that obviously, so focus then excess one we opportunities described. that peers, Jane our we're It to that of I growth resources, of where that way expense clearly both return also we've where the we think been advantage. we the the important has shareholders the that, as doing this refresh of so the of a that we're in those the deliver have way allocation parts that has mentioned, consistent allows

that's it. way think So we the about

First, let's what the is lead with strategy.

Second, sure that let's is sense make rooted and opportunities make in commensurate strategy that growth for us. returns

there left, of And to Let's capital allocate shareholders. it advantage let's to return then what's that. take

Jane Fraser

sure we investment their closing on I've jump do as our which I a that this strategy in this as And making And our to tour put peers, different well Mark and so. on #X in clear would as profile mean hearing priority. priorities, as the that is And with Yes. listening a I is around the been return gap with our place one investors said, great actions has perspectives. I'm our very just well. the

Glenn Schorr

one follow that. I'd just to on I piece. up appreciate love

So on high-return wealth front, profile. something a definitely is fits that that

love important You add systems a platforms to entity, doubling combined businesses that higher looking at the to think aspirations? are What to to be need can product the to do metrics get mentioned maximized other down. linkages success? with these What be you're better? determine you you I'd discuss, its we'll as and what

Jane Fraser

for better be hours careful because I talk I this on could one.

size we've I look in think scale at space, Asia, it, I in visibility gave around the the particularly of world. we're incredibly some brand aspirational When in of phenomenal into Mark an got you well but Mike a the and wealth. -- business one, you positioned gave the wealth name, today. the

a lot the and created. in world being We is have different wealth our where XX is bank of the which geographies around commercial operates

as with So we have capability. very got the around source ICG. major these and wealth of well from in a the hubs wealth our platform And and established We've are generation presence our in wealth obviously actual well world. of we've clients got as many top-tier and institutional relationships helping

can a So when I these capabilities single incredibly feel we're and platform. well do into different positioned we bring assets

around as FAs best have plan, expect, the some that, world the the single and around begun on managers in growing And technology that. seen together investments too. We stack leadership, made already So of against is we tech putting different making the place. really investing our we'll started lined relationship that wealth we've I the announcement in up you'd organization the the have bringing firm. platform yesterday We've work a and

to plans steadily So see measure the generate, fee Jim opportunity, the together continuing terms now, O'Donnell, tremendous share for account capture to right able us we this in the putting to and be of the in the you'll this returns in hold but we us ahead. and a income as and that years growth


next of Your the from Bank line is Najarian of question America. with Erika

Erika Najarian

Glenn's on question. follow-up a just Yes,

and So I'm still the refocusing vision were on in I that's the prepared guess you U.S. wondering, your Jane, middle have that sure your where remarks of scale, you mentioned is strategic what you're you consumer we're Mexico. in and And your now review, consumer you're hopefully of share opportunities order, Citi consent more we in for the market United franchise States? inorganic your businesses ROE And potential for would is a U.S.? reflective multiple your and entertain world past as the move where the past the in you growth

Jane Fraser

certainly Look, as home U.S. talking clear question many from investors with our heard is have our well them. and market. been we've as loud the great Erika, and what of I

as It's franchise certainly We of been in upside base terms the right. see we about. brand, around We country. great wealth, have get have the client a that potential to talking it in we've

has our have our accelerated the of And large think clients high-quality proposition. been and the I theme partnerships. And accounts that's in digitally were very We out they've engaged pandemic in digitization, the the bank XX% of this broader very tremendous acquired have business of are have broader digitally a of we the cross-sale about already. banking we increased. only XX% cards footprint. clients, digitally retail where engaged, new of and and And quarter for example,

if be important. we're the we've I for we is plan focus inorganic going right looking now, to We're do shareholders strategy some But short partnerships said, reasonably the we've for they work -- when looking refresh. moment, sense line. think the in on our we'll building the the for And on order got and partnerships. you longer what very and got are will make And further we'd actions assets coming us work we've down now as But at moves take. to back blocks. forward love But on on terrific the run. you done So to to going and have

Erika Najarian

on And guidance get with in X-part your there second -- continued One, question. whether if this how question believe expense a to it's upside from markets out you one be identified of we ratio to ICG businesses expansion a of a you think that those this be exited, X% achieve to more you we of here, to we expenses. exits, heard target? the investors laid you're would in banks, of for XX% those see wondering And would XX your could my And overhead NIR probably that carved a expenses as out I'm or that about could follow-up, exiting. revenue I'm saves net Is business sort the XX% seem traditional wondering sources. X% that's partially right to wallet it's is about -- exclude still of if peers that a probably Mark. partially question. better And the expense or allocated from revenue But if answers expenses from to

Mark Mason

you. Sure. Thank

start on be start Jane do the expect of year some would be wallets the talked I just the and expect there'll I this first XXXX in market at the strong that revenue, I to I of I referenced And the thing, this above seeing in in will this is did that the we're wallets quarter, markets' point of referenced just the normalization what levels. terms So while normalization, guidance. the about speak was, and last the what at that

feeds I total we of the think that in down do the part talked I for so upside. gave guidance presents and -- And that's that what kind revenues. mid-single-digit about that, some

rates present With upside. way We've to do the earlier, are offsets $X of some to the does of liquidity in business that the that, dry billion. we the down steepening curve. And right some opportunities. that. billion the $X mentioned we That work. NIR some we've put a said, did but You're consumer from potential dry of with more done powder range, I that to higher I as of describe seeing that payment And powder got have to

we more upside. to if the And gives that capture some for so sense ability of you that range or were the opportunity

lending to the even side everyone answer things. be relative significant recovery the matter, is that higher good come would In compensation stronger or or expenses, continue ICG on terms even expenses, the to I for And mentioned One, is the two But side transaction revenues. or wallets expenses, consumer cholesterol. with that, you if then that side perform expenses. agree that would more of will think that

with has rest the mention And Holdings. both see did that we And stranded the and associated type in part around of Jane Citi What at associated how I is I'd that from that that that America. your and point so these much historically same organization would costs team episodic Holdings to can both of deep focused past. and experience have and as experience get keenly out. ultimately run allocations, the I this. running say exits. we'll focus Obviously, of out Both of of on of Latin have being assure countries, Jane have about parts plays I and -- been those franchise we the have exits. exited the put exits that, the with ensuring you we costs be Citi

point. the please of we So for will I that most to view focal that to I'd ensure this be ratio don't the a there. know share decision. that's at that, order value us get kind of that point have in But a this want out


[Operator Instructions].

of the Deutsche Bank. from with line is question Matt O'Connor next Your

Matthew O'Connor

and at the a orders is, And trickier clock. industry, little we starting look them to timing of ones question bit we comment consent to you the think came to as it think I because, you're answer, guys as But October the anything the I with from I about how Fed some it's as asking respect that. tough it's but essentially year scratch. last a if you've X, the the years. we that of going for like and of should orders, that out a tends in OCC could is reason I'm several restarting you other several timing wondering was not X in know acknowledged X, and was it resetting Or years, the progress, this clock? frame the the if again, about about made maybe think years with consent since take on there's don't And

Mark Mason

Jane, Why I'd directives then, in some look, the it I as is, was thoughts consent we well. order say areas sure. What focus. and Yes, clear start its have you this need to don't way -- of in that on is may

are get is that. front bit narrow that And even we're have systems support order started some take as to us tough that what's improve areas had little that about will some a broader. here. some of a to them, And We're right. that of that's do important context things opposed that's to Jane, underway step at referenced you looking in us. versus this come into efforts transformation. frankly, broader around identified. in There to really this, make it at a how very described, the it a the anything referenced do is do technology want you a that, end-to-end pause or -- on I and to has or we're highlight things order. our issue work that will we heard process the in is second, end looking that and as in it approach question governance multiyear keep we accelerating, sure your -- back effort this that a can are transformation looking Jane what's at those of the an for a that it so leveraging that things of a you candidly, We're different a And that? the understand silo look we were add before is underway order. we the is to to you remediation processes, answer a But we remediation that already. tactical a at There's your because want that started where there to As Yes, had the this that that were take but number question. we

Jane Fraser

we've Mark. it We're we in states take well, approach. and what much is got what nuts We we're excellence more get that's doing. real do. I said to that sure strategic more target Transformation we and tactical. the to looking you very And a that to, think focus. at is No, fundamental, the soup is Remediation making want

forward rather looking looking backwards. we're So than

Matthew O'Connor

And of issues open I deals, so then to of right? transformation, a you in Because fix can you accomplish that your the there's regulatory that just kind you the things restrictions. think a reality follow-up to do ability branches, of want there. isn't the that Like some lot need just to the ability

think things? the those hear you to good to long-term first, But Or before right, of can house get I same do like in you can order both So the time? vision. kind some of need the about at accomplish it's you

Jane Fraser

both -- focused Oh, you you and very same at absolutely time, do on. can that's the what we're

transformation as which and us I and clients is -- for the to on are for for agenda. hand-in-hand soundness work as transformation, many our regulators and the goal, the say, getting safety the our our in the sure As the same and ways go well we're strategy investors, make excellent the

very hand-in-hand. two most and the make intention the we one to much to institutions. the as world, high financial the in go is operate same. need Risk That's and the sure clearly particularly So important, as world's at are intention very a to operations controls of our are standard significant digital them be a

same So here. goal one the in

Mark Mason

unified these together organization, a simplifies To the the place countries, it platform. what to consumer us private right? and an Citi that with exiting to investment wealth processes. investment and for organization easier your organization, Global up come and was simplifies Wealth those point, That have makes allows Jane, bringing bank around the Creating platform, in XX our controls

with the the aligned So that's transformation in Jane is is right, ways. underway strategy exactly many


UBS. with question line from Martinez Your the is Saul next of

Saul Martinez

questions of your bit a have strategic I of related refresh. a to hodge-podge

you Second, Mark, But you'll horizon, I we balance the that reserves of markets. in of more it a those things. has a give whole refresh? presents context business, certainly is itself. the know a out not horizon. you heterodox finish time Banamex indicated, any I Maybe sort us quarters? over guideposts. Banamex, guidance some as this you And on detail at time But any that mean going views years? looking are the that have play then have Or just countries? strategy have happen first, macro also guys time does it over are released government color how of could So thirdly, about is you thinking a to to just as sheet challenges, but in I gave on more on XX a Just your very views, Mexico importantly, lot are the the -- guess I'll exit subscale on financial be do up. what any highlighted, host of of number metrics policy you and the of

thoughts thinking how any Banamex you're just about So on right now.

Mark Mason

to you can And start? on I that. Jane, piggyback want then

Jane Fraser

and... so we don't Yes, in start -- with of timing off go terms why

Mark Mason

reserver. the Yes, then and I'll take

Jane Fraser

the chuck reserve over you, Yes, Mark. to can one I

no work. looking the getting fashion doing So several of we're in in We'll markets. and in out this already quarter. the markets who we're actions the be the dillydallying in to The about begun -- to going there's timing, in are at What exits going, underway we've terms is look, a and here. complete thoughtful and look timely we're -- process. to this how expect we that this value shareholders the the create is are Equally, do for we we buyers some be

going urgency appropriately. act make in good So while this approvals is there is going sure to regulatory be move And on the is timing to we're our and a by for action, driven geographies. different that shareholders

update The terms in the So as you of scaled And intending then very as said, Mexico, we'll do. really we've process, know about look, to more, potential a their off. been on they benefit a Mexico transparent good. in what there's but we're is we are franchises, our franchise. Mark of upside returns there. The When Asian scale. consumer to I compare investments digitization paid have Mexico really from And lot

through Yes. term. longer a of the to in cover the strategy better over on reserves? refresh moment, country lot sense strategy the going Mark, while a at like. franchise time to But very you a we want And work. the to is you carry the we'll the there's like as lot do a So challenging there give the

Mark Mason


and I'll the number, established it's would that. I a shared so if will year, page what billion let is more the pandemic, what been normalized all we have couple comments bit just been we associated light for make roughly little or reserves which get so. going to we in XXXX I'd under would say into significant at with reserve of say and breakeven specific the don't So as But there I apologies a a look of EBIT XX you is, were I a me the -- would guess I'm think in on XXXX, in $X XXXX, see markets recognize what that have

And it And go appropriately are for how as the so sense here. has at some extent, we've shared see reserves, the gives what again, impacted the to build them. least we'll that we in impact transparent transactions, financials some from through you we that with these be


[Operator Instructions].

from is Wells Securities. line Mayo question the of Your Fargo next Mike with

Michael Mayo

about job, wasting announced XX I the and guess you're time. you, asset the -- in not what so disposition, days Jane, any so you are

As lens can these assets do how or dispositions think use? returns. you consider you about Because what -- you you dispositions, do future

You growth. consider can

You can consider of the firm. synergies with the rest

note you do order. consumer get use? measures that it consider systems could I hogs. You the simplifying exit benefits Or to Do to regulatory were looks potentially less -- for the relates markets, resolve? as other those you of it XX capital credit what the like consent

do can't good. of very I returns So you at. imagine use? lens look can parameters were What you the a there's lot But

Jane Fraser

easily. terms what bit And falls frankly, what to you because be, interesting of of be So want don't, look at question, pretty it don't I want in kind not a we out to Mike. what we

beginning refresh the win. talked gap in laid in very And back we going can that consideration the about we and is do our the in with we've peers out those January, very been close the how make back we're businesses sure I consistently have return we're principles using we main the disciplined that to strategy work. and this So at about

So Does segment and consideration. this world we this be can is or think those in And services sector Does we're financial is, over as we this? positioned it today or medium business? well the the important scale certainly very we dynamics obviously make within that And of attractive we're a the dynamics, at seeing is can is win? I looking -- long in out this this term? is client first have thing importantly, look

So usually connectivity. don't of the it disadvantage. in of is scale, at terms you a corollary that's We look if that have

those metrics hear we're very, of we I think a segments. returns. client look forward synergies you'll and and to that the talking about it's platforms lot at have major some us very And at more that really synergies. across what and our We we'll important our going look demonstrate that capturing fees that are

it's to to if Are be. fee is We're the the on what returns? efficient it and generating therefore, would So capital, like I relative getting we revenues growth? Mark

for with a candidate the this that of for then So strategic a consideration. not, investment, take laying timing. that we're And into out If is it going to it's yes, on And does it's fit we is. -- consideration it's strategy the and have identity part time opposite. Citi dispositions, what becomes then we're the the as really If always into working refresh?

in I last fire there's no here. said As question, the sales

and we on thoughtful value the going buyers, this. potential cetera to best partnerships at the et on how can we be we are the with ensure generate we exit We for potential of monetize how do value and as generate value shareholders

it value XX I of demonstrated and in in start on your making it's exit. of equally, greatest both wealth fall opposite the we being So and focus the And then then but we be, on in list, of you remaining if decisions EMEA, kind what on the other that little made but bit from all quickly. kind on What I markets the in, that. the that above can we're being ways, pretty investing know place, see going hubs of mean. that you generate the to the decisions And on other we consumer the -- many and Asia we sure why out we are a of decisions in the think

Michael Mayo

elevator sort sense ultimately, one would what elevator ultimately is achieve? Citigroup? identity your what's It What's have for return like have you summary, of -- do a you Citigroup? you'd is early, then And to And of the is your to Who but follow-up. like what that pitch?

Jane Fraser

Citigroup been the peers. When -- talking with I -- want want -- gap listening to areas as to been again, they when me to the our is close going have fabulous, about, what returns to we've of they them, investors around to the us go and that back have Mike. us our

very is, got, serve global have I we that can make from back when we again, whom to and clients, a just we needs, of to seems is to sure us when would be be that's be, environment, and a there, excellent. work, say reasonable, thoughtful some culture, but the we see want in think to I our one want around indication. see we you clarity a would a I I see operations, want mid-tier around that. what certainly do range in ask precision is around we word as moves our normalized -- you it. mean do. very But excellent strategy more we've Citi have about -- and and think to got many going consistency with, our get you clarity and Mark's some are there's we lot also, of we've about it. be I accountability to the of what I given I And really let rate that lot of us in be add more because not we'll normal Citi want what -- a And how in a in that used our us the terms we strategy But the

the me a holding firm that's the And so that's the and to. and hear lot, from myself I'm word you'll standard


Research. Your of next Steven line Wolfe question Chubak from with is the

Steven Chubak

start question. a wanted to I So with off

in right, profitability that XXXX, those think actions benefits that to the the look how of to changed. similar see if some you taken, benefits are was what at least strategic profitability has reaped. if it were to that Jane, was capital actually be the pretty of the the at guys exiting, ultimately going at was looking difficult you businesses And outlined profile I I profile then, back of terms had Just and

or your that from learn are there when potentially lessons process? more in what And at this did benefits any was the of So take bottom you to that goal clear you conspicuous been that view, point drive I firm guess undertaken, approach to maybe from the having the might differences around line?

Jane Fraser

want So sure terms asking the of I'm you're question, sorry, of in benefits -- the to digitization? just in just terms make I understanding

Steven Chubak

at think strategic And barely Not consumer had in digitization, markets back just in of global exiting were of to that in very if approach profitable, line that the to And be I capital to bottom differently. least But it the curious experience there try that pursued those similar bit to from there XXXX, see around the translate exits, benefits was a you take speak handful ultimately, exit some were learnings could didn't the you going benefits footprint. of we optimize impacts. actions to and that what just were terms markets were into disclosure you might a reaped. if

Jane Fraser

were LatAm, pretty Yes. at tremendous. we When in I the the -- benefits look got

talent. base of strengths time. the very our platforms. a institutional focus we the that banking really America. in rose side lot institutional on our the first management the there, drove franchise. rankings from teenagers in period able engaged We on benefits also in Latin were sure line as leadership the make investor think, up of of of we that the able We to solidified in quite simplification and short I'd mid-XXs to multinationals we front. the in region serve from bottom well. returns base, client a truly we pretty We gained say were particular, on as hit in simplified the well in were up in and that all, structure our invested world-class and We our to the had much I So And technology focused very we

So experience benefit my has I'd say from real one focus. been in there's which

that in. You get you're better at the businesses

I you You you're more if these add businesses are I hone get -- don't linkages strong both got talent don't else different And the talent. get because and you've anything to and I really the get you're able what's journeys to across on you in focused together. That's different. in them. to know Mark, think and -- bring able

Mark Mason

and well. think that got that structure strategy in this of I you sure on couple I'd refresh is points keen now Again, thing last the at emphasize right we've the to making ensuring and org example go I different that talent The which -- that it of Jane, supports go what's go you've of Yes, the made, places the right the you org this that. as wealth only that or captured as kind we of back we in focus resetting the got terms structure. -- through is

We're got to ensure focus the last and moving strategy You to away really the Jane. wanting commercial and to piece returns you spreading opportunities we captured the biggest moving that think a focused highest of that focus investment. across the investments firm. you of of into the are growth I all, the against And from linkages kind them on the But capture where is you can think and are. can that idea then point ICG where really it the

Steven Chubak

NII- are to what the And that's more been in and quite or a on be It in business. ask wanted the like pressure. strong actually to was It's What's rate In relatively recent like reflected been and here business. should about But the you're just great follow-up, I that of historically underlying balance most rate? rate-related. steady-eddie. some of strong feels No, trends or and of TTS at the that franchise some color. lot least I at perspective growth your has run from my give hoping that that's seeing for underlying some outlook a the absorbed quarters, least fully pressure there's really now

Mark Mason

seen of Yes, And you're were the about add client you'd right, can in very in revenues of big TTS And the aggregate rate you terms right as head. been some it FX then why we've is down year-over-year an now. driver we've environment XX% the sure, hit the on I a But in on in like mean, I basis. look, Jane, that on start? ex don't low perspective. you the what revenues,

obviously number digital one, the meaningful, we've terms in over of reinforcing some What activity kind that entire that clients plays through. increase higher we've digital throughout that that of that and we have investments we've volumes, past broader and X% And what really the of with through plays through. we say up the at clients. have your through the both engagement question, and onboarding X% we which seen accounts, in impact. transactions the is, engagement I XX And have that accounts months. we look capability, for with And enhancing engagement opened making that would that significant and and Now very in -- clearing them, with that in in engagement plays deposit kind our of are seen, managing crisis been of we've enhancing cross-border been the

So drivers. good solid underlying

in expect we last of that's way the a to growth. And line. anything area strong that as turn we see see many good. creating that their dialogue. business-to-consumer clients mention While economy pressure we activity that part commercial of But add the clients card I look it business example don't top are that. activity, And the or digitization with the see and on to And of our do to with very, been if And ex has play acceleration to relates our you with fee frankly, engagement model business their own to forecast starts revenues starts we're evolving how as and activity strategies. that see out, recover continued commercial very to play GDP through Jane, some card the focused we at the and would is we activity. again, important of business want models. on part know of they're We're I'd of there's solution an

Jane Fraser


client our You're of going about it with discussion quite lot world. for other love It that, platform. our services the different over represents our dimensions is than strategic for the the it. a them, many in TTS business few More they and it more -- upon platform clients TTS to represents, the my around of data hear clients depend months, last so The it. the the they services,

be And this from is, think material. so the growth year see next very I to it's going going we're to that

it of clients because the around growing TTS also the about use commercial our and us the You'll becomes bank hear and their digital born clients platform talk capabilities services to a it core internationally mid-market well ones who themselves also start and as more are going forward and them. part

more of environment. clients is here got be -- going opportunities with this. So And forward coming existing going to new this got a underlying We've is we've this clients. part of the story that exciting lot our the are to to and rates an grow on separate board the


line the question next is with Your Usdin from Ken of Jefferies.

Ken Usdin

I ask just Mark, about could and recovery I you global pacing. wondering was Jane, if

when to base look But cards side, you to as in well. you extent the impacts forward deposits just through you the different non-U.S.? -- understand, whether us the look can supplement, you just as customer any as different how terms see that or of be global recovering pacing, if rates you look currency the juxtapose course. and And great U.S., you you that see at as look at over loans, paces how growth As would do would of in stabilization translation you help wholesale time, revenue well,

Jane Fraser

some for ourselves. a out we're what is other little off kick important on I'll the side. seeing. Mark it's growth asynchronous with the in of Yes. dimensions more on bit macro will jump Look, there

China that is is with seeing certainly leading U.S. And the certainly not recovery struggling. emerging are you're and delayed, think parts the Europe markets I Asia. derailed. but of

And there got digitization healthy. of the with behaviors lot consumers. of driving unspent investment. out are lot the beginning So see years. picture dynamism in as different few the of liquidity think I you've you a heard over from we're Corporate optimistic at a call, do Huge amount balance the the changing U.S. the me There's also particular market. broadly savings next of in a you consumer world. from parts pretty that's in sheets And and about then of different

about, client engagement, is you're of as I pipelines, improved don't how seeing overall, but an lot a had a translate? you strong this to talked So asynchronous around outlook turn certainly the it we're a Mark, client lot But of of And world, very activity. why seeing, it's some on Mark one.

Mark Mason


down rates And while right? continued is of Retail in we from down, Let helps a the signs particularly XX%. of me payment average a make make a consumer on show our loan sales point are What some almost we of pressure -- XX%. couple And high. being I view. One, seeing are to Services are of or recovery. So signs. are XX% those That say seeing cost remain loans, down, good I I'll Branded Cards, talked volumes would comments. business, about purchase we loans starting credit guess

were unemployment. outlook is sales purchase The were flat Cards of Branded and Services So of And year-over-year. GDP Retail purchase sales the X% up in year-over-year. positive terms kind

But out to, the NIR which loan help spending still has going stimulus like the towards And is trends out so are to we forecast that undoubtedly And recovery half look there in some spoke year. North favorable. to America. the that's they're will optimistic that the of play go I consumer and back activity in that

certainly But last We've in even markets private since activity, that, activity in of loan seen when good think ICG and we've ICG corporate year. markets. side, that's talked loans, activity I signs the relates about seeing the parts loan seen similarly, we've as it the continued On bank. to about we're

it all good trade, that the And And as of -- towards. which relates so to are is all recovery which are good. activity loan marching those we're signs

Ken Usdin

follow-up And card, Yes. on Mark. one

generically we knew But we in card bounce the expect prepared traject get of You kind card Any losses that remarks overall? way of us helping pretty would that would low. had losses about how how you mentioned card still you your in losses. understand to mentioned just remain

Mark Mason


couple things on a mention of me that. Let

So it one in take let's pieces. is --

NCLs. that delinquency America increases big customers in in to that in at So Latin me America, Latin that not a America, we've say increases in the delinquency suggest in big until And signs as gives of seeing And fact, chart would And on to for those XX, peak we reached North the other in on late signs Similarly the case that coming there again, of in buckets, relief likely the Slide byproduct the we're in regions, not off are our comfort is we NCLs. in -- jump look we're But of what meaningful see XXXX. the is in almost program third no us quarter, see of there. going quarter. heard XX% buckets. that that the of the you the bucket

some the rates payment stage low the we're at that, of it in we're pop that relates It's seeing. delinquency it's give certainly to comfort a obviously impact all that so And activity this through to see likely us of the that not playing in XXXX. as the NCL buckets. It's stimulus


is line of Kleinhanzl question next Brian Your KBW. from with the

Brian Kleinhanzl

year-on-year. see So a lending. first yes, get those Maybe I have back risk questions. could corporate risk Maybe sense overall on to the two that trying of loan driven appetite XX% I'm sooner. come demand -- if you much it's get is that just how were trying down balances versus just there Balances to appetite. more client by of

Mark Mason

to growth, look there. an this crisis. as in year, mean, I But and heard liquidity. monetary seen action about that managing as to last was others you've our if And you the ensuring you year as see appropriate that had look, second clients Yes. through mention, of quarter you've last early back as continued this we're level know, happen, you has deposit

year the the by clients of how ECM, and through they to the the of some DCM many in you liquidity. And balance the they and have access And it of clients activity of we a even -- have market large. corporate Our saw that lots some of option that for serve last liquidity of have want continuing.

of demand. is about client-driven business. This a this is way it long-winded -- So saying is client

Risk risk And it's not demand. so that the is dynamic But you're a risk operate is of of our appetite appetite. appetite always about seeing here always. question important. client We framework inside

Brian Kleinhanzl

bit going second on card go just accounts? grow deeper to you to back again? balances you're more accounts. heard the that going to new card on And grow I Or little that? Can into maybe And Is and back opening a question the you desire those new behind promotional up how Okay. it cards. strategy

Mark Mason

of sit as Yes. Again, wanted there recovery to the that that the term, right, you've heard signs very about existing market about ensuring so that get we reopening, that case we to into the dynamic order the thoughtful right opening and line targeting all Branded criteria ensuring risk as this the new our about to we ensure how are manage sense, well this, that here and and of through in pursuing we here Retail mention, reentry, we to would both And that it's account customers the card we're them availability coming it in relates be where right? we in we're we managed Services pandemic. risk longer tightened us customers is a that want makes that responsible our see acquisitions And obviously as we timing as responsibly now Cards.

quality. you've So us of higher target customer that it's heard before, and that consistent be describe a strategy the reentry which with to about tends market


line Oppenheimer. of Kotowski Your next with question the from Chris is

Chris Kotowski

be on is it companies? on would better the are exit those national markets there sell to Branded base? very card the between those modular unit of the as Citi each in do also, operations try these in a solicit Or highest make question the country to to that was apart countries to wondering Or separately in Pacific -- all sold you operational and could Rim, companies do one the secondly, the that and and the do My the markets, with particular pulled and I bidder? And you linkages grow maintain is then to go in Cards continues pan dispositions?

Jane Fraser

tremendous terms we've Chris, franchises, speculate individual early and the got tad capabilities exit in say markets. on are so really talent, These markets, the tremendous there fabulous buyers. probably of a in it's the to I'd

expect done, mean lot divestitures he the ask and you as It's in this to the sure can have separate the not businesses. gone that capabilities geographies. of any skilled interest. what, so that we franchises we the certainly quite through out get many. speculate a then divestitures been And at how in and about as yet. we make something, operational to going not for is different Mark I'm few which of a And ICG consumer But invest and When linkages, to problem a who said, we've are I in well were to I

XX it was think I XX America or across before. Latin about and others

one. It's institutional So going as to not talked fact, the be we into will it of Cards Transaction franchises that our wealth enable about. target course, answer And team part to as And as simple remains then said, part in us, terms in is of the this. investments good the in go more issue. Yes to Branded services, the of our an an XX platforms hubs, very of at we and Cards, in sale? geographies. important the do these is Branded

the so And be capabilities cards will commercial GTS capabilities intact cetera, in the business our payments, of in. for and invested et and remain side our and


the Cassidy next is of Your line Gerard with question from RBC.

Gerard Cassidy

your your a will of Mark, pandemic. to take what -- at can normality beyond since, reserves look trying share your and loan back we is of peers many you And us when loss get said, like the of are the as of some them built focus bank one dramatically. you with sort and areas us were you peers look up to

recall it's new loans I about economic was didn't them on But 'XX, course. and X.X%. pandemic of you there's outlooks. reserve moving then, a in of when looks X.X%. I know if of it the you I into of coming better guys different economy there? give came think of the back do was a mix heck directionally to day Now X, of back down, that XX in I Can your And with -- rules January parts than did a day loans color know we did the CECL get course. the the next reserves. think us Can you change loss place, months lot prepandemic was, you you're of us lot and all course, when loan think drawing share could you And some about today, X

Mark Mason

question come Yes. Yes. It's so to moving play here. because there's tough that answer really a into many pieces

we're an sit to those and going as whether variables And reenter market, that's we're that GDP, I response, going also continues unemployment based as this balances but change, we -- out, continue in of other to on my change, have. start as to the be kind you impact and balances we to the it balances is start pointed while U.S. we the so as our improve, outlook. of growing to at X.X%, going environment as or suggested economic So macro mix

of, how downside top severity case, become And continues in those of think we all about answering not factors in our also morph, to on releases. how considerations probability the important so only reserve a and of question, but future your

kind all, a evolve. normalcy but of sense a I'm it the get not will how trying dodge be your to so of at questions some portfolio question of And is to a that byproduct and how continues we to

Gerard Cassidy

this No, strategy. I obviously if I How on in Jane, Any refresh -- to sit to project? completely it. may X-, the new long is Got I a have to? idea you will understood. take go it this, of And X-year to sense long voice place how you about -- Citi to the the get the missed your where back, wanted excitement have but the

Jane Fraser

do don't strategy mean it refresh to us on a the what as everybody think get as looking with firm. I we'll work as and the said. with we're looking soon makes time we forward the sense. along, looking complete And a we that for an execution we work, to question. perspective long is be go as sharing with That's interesting strategy refresh as it takes we long-term I at

a as as know, highly honestly It's to whether former consultant, dynamic. fascinating world you're world. a don't strategy. I So This done ever with is

the also Mark is the about our to priorities the excited got I And quite part -- about the I'm franchise. and I'm on clear prospects excitement I'm excited of are. do. realistic, bit of we're firm. I very what of we've think work are very a

come to everybody take with more going. think forward forward looking it's getting think done. very to to going to I it. don't clearer ever so I I'm doing of So on view a we're long anything, than we're us don't and, And looking to where back with

Mark Mason

on you, doesn't right we the that right, that's is assure Gerard, all right? Jane urgency. can refresh. absolutely strategy the focus sense of But said. just I should And you're moving Jane, with So stop, a strategy have of that us well


question is JPMorgan. the Vivek line final Your from of Juneja with

Vivek Juneja

from to Jane, get I -- wanted you. understand

gone percentage I America exits you've bank and in Asia investment Latin consumer consumer second franchise And -- as different That's that it also for you're the of is you've announced through higher but instance, the talked to you Asia these pointedly, sales So now. two as see in your your away? sales go X where detail the in investment a consumer differences your your bank. sales, of Asia banking a that. do -- versus do because this Latin private tied that what what for which doing questions, that versus a you in little I'm a revenue What is revenues, shows and implications will different America? guess trying revenues Latin and you've as than level, And the see to that those sense on investment about America? revenue, little in are that. this for now whole consumer bank will implications up is in So get And for

Jane Fraser

full that They're our a offering franchises America, about America, and a franchises. bit our single of the XX% clear, market Citi a franchise I Asia and consumer Banamex that's opposed is be were Latin and the franchises Yes, And with let's in -- only a share consumer smaller. geography Asia is think to differences Latin today. our and and full to excellent between as

brand same you Mexico. that the scale had but They've a haven't in client they've got card As affluent have name. and got they an good we know, franchises terrific base,

So ramification I guess -- you're asking terms of question what what's our in business do for view And different. are as in of them rather the the there wealth the Asia. this I -- for is divestitures

domestic you markets that not the Asian markets, developed. If the at capital are look individual well

in very indeed the so East the become and London and like, the and Hong states markets. Kong markets important and offshore the in Singapore, And and in in Middle

wealth sales resources. usually is we we're onshore the franchise, best the attention by the though, advantages and And feel focus one proposition, What massively Citi to for where dwarfed would also deposit So opportunity that I is just wealth card opportunity. we do franchise. we're investment not offshore say, placed is our an the have that's of also the

capital extraordinary the the thanks advice. I got content we're market sure. tremendous ability it's best-in-class. have managed that's to platform to that We've asset our in to able the The ICG really We offer, franchise, clients for our offer investments. allocation know quite

diversified well managed we well see. is the client you provide. investment as the capabilities So market can as The this very from capital revenues investment and really the banking lending, is that

this is the This to And I don't of greater those far something we're much is we'll offshore go as offer that onshore think opportunity we've get the than hubs. just able -- this Jim in broad the investment and that's strategy you'll fleshes out sales. center in more So wealth and on that guidance those more plan markets. as said, we Mark And forward, get got. as as the XX

you some expect more details. can get to So


to I no any are management will further call questions. the for remarks. turn closing There over back

Elizabeth Lynn

all you Investor free any Thank if to Please out reach feel questions. follow-up nice and again, have for day. Thank have today. to Relations you you joining a


your first XXXX the for call. concludes participation. Thank earnings quarter This you

disconnect. now may You